- Ripple has received approval from the Dubai Financial Services Authority (DFSA) to expand its services as a regulated provider of cross-border payment solutions in the UAE.
- The DFSA license supports Ripple’s mission to combine regulatory compliance with advanced digital infrastructure, facilitating cost-effective, faster, and efficient cross-border payments.
Leading blockchain and crypto infrastructure provider Ripple announced that it has received an approval from the Dubai Financial Services Authority (DFSA) for expanding its services from the Dubai International Financial Centre (DIFC).
Following this milestone, Ripple will strengthen its global footprint as a regulated player that facilitates seamless cross-border payment services in the UAE, including Ripple Payments Direct (RPD).
The DFSA authorization allows Ripple to introduce its robust digital infrastructure to a broader customer base in the UAE. This aligns with the company’s mission of providing businesses with cost-effective, faster, and efficient cross-border payment solutions by combining robust regulatory compliance with ongoing investments into other critical infrastructure components such as best-in-class custody, liquidity, as well as on/off-ramps between fiat and digital assets. Speaking on this development, Brad Garlinghouse, Ripple’s Chief Executive Officer, said:
Blockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.
Ripple will become the first blockchain-powered payment service provider to be licensed by the DFSA, the independent regulator overseeing financial services within the DIFC. This development comes as Ripple gears up for the launch of the RLUSD stablecoin, reported CNF.
Ripple Advancing Financial Services in UAE
Securing the DFSA license shows Ripple’s strategy to expand its footprint in the UAE market. The reason behind choosing this market is that the UAE offers greater regulatory clarity and a strategic position as a global financial services and trade hub.
Furthermore, it leads to fast access across the Middle East, South Asia, and Africa, as Ripple plans to continue investing in these regions. Last week itself, ripple joined hands with dLocal and ShopeePay to expand its presence in the South Asian markets, per the CNF report.
While working with other regulators in the country, DFSA has provided a comprehensive regulatory framework thereby, creating an environment that fosters crypto innovation. Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, said: “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
As reported by CNF, Ripple already partnered with DIFC earlier this year to boost blockchain innovation in the country. The new in-principle license aligns with Ripple’s global strategy to work alongside regulators and policymakers to integrate compliant blockchain and crypto technologies into the existing financial system.
The firm also holds more than 55 licenses worldwide, including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI), remains focused on regulatory compliance to advance blockchain adoption in financial services.
